Papaya Global V11 FAQ – Payroll Management 2024

Over the last five or 6 years …Papaya Global V11… roles on the supplier side and also on the vendor side from a payroll viewpoint so truly eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply offer everybody another number of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everybody is um it’s nice to to kind of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really bleak and I wish I was elsewhere at this moment in time fine so let’s get going our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why business maintain different

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a tactical possession uh we’ll also discuss a recap which should leave his time at the very really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being more and more common and managing them becomes a growing number of complex Global organizations are wanting to find Solutions and brand-new ways to simplify procedures specifically from a payroll and cross-border payment perspective numerous organizations keep separate savings account just for payroll while some have numerous accounts in different countries does it make good sense for business to preserve different bank accounts often in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets also called virtual wallets play in assisting international companies enhance the episode complex processes of

making payroll payments precisely efficiently safely and on time throughout this webinar we’ll stroll you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being complicated for a variety of reasons most notably policies compliance data security and banking guidelines then there are the large numbers they include additional intricacy the worldwide Labor force is currently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the traditional payroll design there’s frequently a frustrating number of various systems resulting in lengthy manual processes and silos the variety of Combinations could be non-existent in big quantities and or really really standard there’s no genuine consistency structure we’re residing in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce data in real time that’s another number that offers me sleepless nights and quite frankly the more an organization spends on international payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to precisely track these payments can cause compliance incidents in the last mile of the transaction almost half of worldwide businesses have revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the data is shipped to the wrong location the average cost of an international information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments don’t run efficiently if they depend on the essential multiple processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles business face when they’re paying to workers or otherwise that’s a good concern I always throw this back and state what is it what doesn’t require to be included ideal and what does

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it need to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy wherever you look right eventually developing a knowledge base is definitely important but all over you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of move forward with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup processes is definitely important that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory third parties so with the

The contemporary world puts a high value on well-being and the payment landscape is becoming progressively intricate. Companies are constantly presenting brand-new benefits and payment options, which contributes to the total intricacy. Large corporations often divide their payroll and payment processing into different groups, which can result in inadequacies and traffic jams. In my opinion, this does not have to hold true. In today’s technologically innovative age, there’s no reason for keeping troublesome treatments. Payroll, the business’s biggest cost, need to be processed correctly and on time. Even small delays can negatively affect workers’ wellness and have significant effects. Therefore, it’s important to prioritize precise and prompt payments.

The payroll team might not have actually been thanked for properly processing payroll during a webinar. If anybody has been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals only observe when things fail. Nevertheless, when things go right, it’s seen as just a routine job. This is how it’s perceived externally as well. For that reason, it is essential to make sure that tasks like Wi-Fi Worldwide and other crucial matters are done properly. Utilizing the very first International Payments first payroll payment option is an excellent preliminary action towards providing a detailed payroll option for workers worldwide. Standardization, worldwide processes, and decreasing the variety of tools, platforms, and savings account essential for international payroll are key factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do sometimes receive a few problems when things do not go as planned. Ultimately, we do not do it for the appreciation.

anyhow we know how how essential a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say think of the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions think of getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and really see what was going on and type of try to return to everybody so moving on appearance why do companies choose to primary separate bank accounts there are Papaya Global V11 businesses out there doing precisely this for particular nations and I have actually operated in a business or many companies doing precisely that I can say it doesn’t constantly feel effective and it does develop more work I know we’re not intentionally doing that we’re not creating additional work for any person where we do not need to and any person that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the requirement I think people have got so utilized to we need a brand-new bank account we open an entity and rightly so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I believe this is a procedure that requires taking a look at it requires altering however eventually people are really stuck to what they’re familiar

with right um modification is a difficult thing we all don’t like change um so I believe it’s simply kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping multiple savings account but there’s a big quantity of complexity chooses setting up a checking account keeping it ensuring it can send International transfers ensuring it’s set up with the ideal user accesses for specific people so the complexity is substantial but I believe the truthful response is modification um individuals have not been able to alter or have not had always the understanding to truly make that change into alternate Solutions besides opening a savings account I think you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to change however we have actually constantly done it that way is no genuine reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what could almost be figured out to be the next Century or so there is a lot to track and this technique does pose a number of obstacles um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so

I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have effectively protected payments for our 10,000 employees worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your accomplishments. Papaya Global V11